Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
P/C Insurers Return to Profitability in Q1 With $8.9B in Net Income
Jun 23 2010 // The property/casualty industry returned to profitability in the first quarter of 2010 despite continuing declines in both written premiums and earned premiums. Private U.S. property/casualty insurers’ net income...
Contractors: Reduce the Cost of Loss While Helping to Save Lives
Jun 21 2010 // Promoting a Culture of Continuous Improvement Can Beef Up the Bottom Line Bestselling business strategist and author Thomas J. Peters once said, “Excellent firms don’t believe in excellence – only in...
Progressive Sees Increase in Cat Losses in May
Jun 17 2010 // Progressive Insurance has reported 5 percent increases in both net premiums written and earned in May 2010 compared with May 2009, but net income dropped by 19 percent in May 2010 compared with the same month in the...
May 7- 8 Northern Ohio Storms Losses Top $31M
Jun 16 2010 // A series of storms on May 7 and 8 centered across the top half of the state caused at least $31.4 million in damages, according to preliminary insured loss estimates released by the Ohio Insurance Institute...
The Competitive Advantage: Opportunity Knocks
Jun 11 2010 // When I first started as an underwriter a few decades ago, I was truly amazed at the coverage knowledge so many of the older underwriters had. The most remarkable underwriters knew their stuff. They were great resources for...
Olympus Insurance Cleared by Florida Regulators
Jun 10 2010 // Home and condominium insurer Olympus Insurance Co., which in April came under scrutiny by Florida insurance regulators, has convinced the regulators that its financial contracts, accounting methods, reinsurance program and...
Navigators, Victor O. Schinnerer Launch Non-Profit Directors & Officers Program
Jun 8 2010 // Navigators Insurance Co. and Victor O. Schinnerer & Co., Inc. have launched a non-profit D&O program. Schinnerer will act as program administrator for Navigators. The admitted filing of this countrywide program is...
Munich Re: ‘Ever Higher’ Nat Cat Costs; Ups Chile Quake Loss to $1 Billion
Jun 8 2010 // A bulletin from Munich Re, the world’s largest reinsurer, concludes that the “long-term trend towards ever higher natural catastrophe costs” looks set to continue, according to an analysis from its Geo...
Oil Rig Tragedies Shock Insurers, Destabilize Market, Says Willis
Jun 4 2010 // The U.S. Deepwater Horizon and Venezuelan Aban Pearl drilling rig losses have left upstream energy insurers with an unprecedented bill of $795 million within the space of a single month, destabilizing the market and...
Texas Supreme Court Denies Review of Workers’ Comp Stop-Loss Case
Jun 4 2010 // The Texas Supreme Court has declined to review a case involving the amount some hospitals marked up workers’ compensation-related bills under rules in effect until 2008, according to Texas Mutual Insurance...
Hail Loss Claims Up 61%; Suspicious Claims Up 136%
Jun 3 2010 // The number of hail loss claims filed with insurers increased by 61 percent, from 256,000 in 2006 to over 413,000 in 2009. At the same time, the number of claims referred for suspected fraud increased by 136 percent, from...
BP Oil Spill Losses Hit Reinsurers; Premiums Jump
Jun 3 2010 // Reinsurers have bumped up prices for offshore energy-related insurance premiums by 50 percent following insurance industry losses of up to $3.5 billion from the BP plc oil spill in the Gulf of Mexico, Moody’s...
AIR Analyzes Agatha; Despite Damages Insured Losses Not ‘Significant’
Jun 2 2010 // Catastrophe risk modeling firm AIR Worldwide described the early tropical storm Agatha as “short-lived, but deadly,” as it “wreaked havoc in Central America over the weekend. Agatha benefitted “from...
New York Plans Hearing over Increase in Workers’ Comp Loss Costs
Jun 2 2010 // The New York Insurance Department will hold a hearing later this month to consider a 7.7 percent in workers’ comp loss costs that has been recommended by the state’ rate service organization, the New York...
CNA Takes Over Not-for-Profit Directors & Officers Liability Program
Jun 1 2010 // CNA Financial Corp. said it is taking over the underwriting and administration of the existing Not-for-Profit Directors & Officers (D&O) program formerly managed by Victor O. Schinnerer & Co. starting today. In...
Insurers Paid $768 Million in Losses from 2009 Colorado Windstorm
May 25 2010 // An insurance organization says a windstorm that brought two weak tornadoes, rain and hail to the western Denver suburbs last July caused $768 million in insured losses to vehicles and homes. The Rocky Mountain Insurance...
S&P Expects Re/Insurance Losses from Gulf Oil Spill to Be Minimal
May 24 2010 // Based on what are so far only preliminary estimates, Standard & Poor’s Ratings Services said it expects insured losses from the oil spill in the Gulf of Mexico “to be significantly less and be spread among...
Best Affirms Platinum’s ‘A’ Ratings
May 20 2010 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based Platinum Underwriters Group and its members. Best also has...
RMS Announces New Parametric Loss Index for Japan Quake Risks
May 19 2010 // Risk Management Solutions announced the addition of Japan earthquake to its existing suite of parametric industry loss indices covering U.S. hurricane, U.S. earthquake, and Europe windstorm. RMS said: “Paradex Japan...
Kingstone Swings to Profit in First Quarter
May 19 2010 // Upstate New York insurer Kingstone Cos. Inc., posted a $259,000 profit in the first quarter of 2010 — a positive change from the $171,000 loss it saw in the year-ago period. The insurer — which was launched...
